XLKI vs. SMH

Last updated Aug 2, 2026

XLKI (State Street Technology Select Sector SPDR Premium Income ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - XLKI is a Technology Equities fund actively managed by State Street, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. XLKI is actively managed, while SMH is passively managed. Over the past year, XLKI returned 24.59% vs 90.95% for SMH. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

XLKI vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR Premium Income ETF (XLKI) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLKI achieves a 10.67% return, which is significantly lower than SMH's 50.09% return.

XLKI

• 1D: 0.01%
• 1M: -1.06%
• 6M: 9.29%
• YTD: 10.67%
• 1Y: 24.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.71%

SMH

• 1D: 0.30%
• 1M: -8.74%
• 6M: 33.97%
• YTD: 50.09%
• 1Y: 90.95%
• 3Y*: 50.56%
• 5Y*: 33.46%
• 10Y*: 34.16%
• ALL TIME*: 11.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMH VanEck Semiconductor ETF	$8.28B	$7.64B	$7.07B
XLKI State Street Technology Select Sector SPDR Premium Income ETF	$514.98K	$430.22K	$356.64K

XLKI vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
XLKI State Street Technology Select Sector SPDR Premium Income ETF	10.67%	10.02%
SMH VanEck Semiconductor ETF	50.09%	23.34%

Correlation

The correlation between XLKI and SMH is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.88

The correlation between XLKI and SMH has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

XLKI vs. SMH - Sectors Allocation Comparison

Sectors	XLKI	SMH
Financial Services	99.9%	-
Technology	99.2%	100.0%
Communication Services	0.8%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XLKI vs. SMH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLKI

XLKI Risk / Return Rank: 51
XLKI Sharpe Ratio Rank: 46
XLKI Sortino Ratio Rank: 43
XLKI Omega Ratio Rank: 47
XLKI Calmar Ratio Rank: 57
XLKI Martin Ratio Rank: 60

SMH

SMH Risk / Return Rank: 87
SMH Sharpe Ratio Rank: 91
SMH Sortino Ratio Rank: 83
SMH Omega Ratio Rank: 84
SMH Calmar Ratio Rank: 88
SMH Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XLKI vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR Premium Income ETF (XLKI) and VanEck Semiconductor ETF (SMH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XLKI	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.29	-1.16
Sortino ratio: Return per unit of downside risk	1.61	2.70	-1.08
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	2.02	3.58	-1.57
Martin ratio: Return relative to average drawdown	7.10	14.64	-7.54

XLKI vs. SMH - Sharpe Ratio Comparison

The current XLKI Sharpe Ratio is 1.13, which is lower than the SMH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of XLKI and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XLKI vs. SMH - Drawdown Comparison

The maximum XLKI drawdown since its inception was -11.21%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for XLKI and SMH.

Drawdown Indicators

	XLKI	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-11.21%	-84.96%	+73.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-24.62%	+13.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-6.73%	-19.19%	+12.46%
Average Drawdown Average peak-to-trough decline	-2.16%	-40.89%	+38.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	6.01%	-2.83%

Volatility

XLKI vs. SMH - Volatility Comparison

The current volatility for State Street Technology Select Sector SPDR Premium Income ETF (XLKI) is 8.68%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that XLKI experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLKI	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	14.70%	-6.02%
Volatility (6M) Calculated over the trailing 6-month period	17.55%	33.13%	-15.58%
Volatility (1Y) Calculated over the trailing 1-year period	19.96%	38.57%	-18.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	36.50%	-16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	33.32%	-13.40%

XLKI vs. SMH - Expense Ratio Comparison

Both XLKI and SMH have an expense ratio of 0.35%.

Dividends

XLKI vs. SMH - Dividend Comparison

XLKI's dividend yield for the trailing twelve months is around 17.91%, more than SMH's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.20%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
XLKI State Street Technology Select Sector SPDR Premium Income ETF	17.91%	8.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLKI and SMH in my portfolio?

XLKI and SMH have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLKI or SMH?

SMH has higher volatility (14.70%) compared to XLKI (8.68%). In terms of maximum drawdown, XLKI dropped -11.21% vs SMH's -84.96%.

Which ETF is better, XLKI or SMH?

On 1-year performance, SMH leads with 90.95% vs 24.59% for XLKI. Both ETFs have the same 0.35% expense ratio. On volatility, XLKI has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLKI or SMH?

Over the 1-year period, SMH has performed better with a 90.95% return vs 24.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLKI or SMH?

XLKI and SMH have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, XLKI or SMH?

XLKI has the higher dividend yield at 17.91%, compared with 0.20% for SMH.

What is the main difference between XLKI and SMH?

XLKI is categorized as Technology Equities, while SMH is Semiconductors. They also come from different issuers: State Street and VanEck.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.29 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.